MOL service station is seen in Budapest, Hungary, on Jan. 12, 2022. Hungary's leading gas and oil firm MOL signed a 610 million-U.S. dollar contract with Grupo Lotos SA and PKN Orlen to acquire 417 service stations in Poland, MOL announced Wednesday on the website of the Budapest Stock Exchange (BSE). (Photo by Attila Volgyi/Xinhua)
BUDAPEST, Jan. 12 (Xinhua) -- Hungary's leading gas and oil firm MOL signed a 610 million-U.S. dollar contract with Grupo Lotos SA and PKN Orlen to acquire 417 service stations in Poland, MOL announced Wednesday on the website of the Budapest Stock Exchange (BSE).
"MOL today signed a set of agreements with PKN Orlen and Grupa Lotos covering the sale and purchase of several portfolio elements within Consumer Services. Accordingly, MOL acquired 417 service stations in Poland including 270 company owned sites with a country-wide coverage and the potential to reach a top three position in the local fuel retail market," MOL said in a statement.
"The purchased set of assets would provide a basis for future growth in the country, where MOL had limited presence thus far," MOL said.
About the financial implications of the transactions, MOL said that they are expected to have a mid-term positive annual EBITDA (earnings before interest, taxes, depreciation, and amortization) generation potential of around 70 million U.S. dollars to the Consumer Services segment and will be financed from available liquidity. The deal would have no adverse effect on MOL's previously communicated dividend payment capacity.
Closing of the transaction is subject to, among others, obtaining the approval of the European Commission.
Following the conclusion of the agreement, MOL will become a major player in the Polish fuel retail market, owning more service stations in Poland than in Hungary.
"For MOL this deal represents a major step on the strategic transformational journey we started in 2016... By this acquisition, we will gain access to the biggest economy in Central and Eastern Europe as well as to reach almost 40 million potential customers with our products and services," Zsolt Hernadi, chairman and CEO of MOL Group commented on the deal. ■
MOL service station is seen in Budapest, Hungary on Jan. 12, 2022. Hungary's leading gas and oil firm MOL signed a 610 million-U.S. dollar contract with Grupo Lotos SA and PKN Orlen to acquire 417 service stations in Poland, MOL announced Wednesday on the website of the Budapest Stock Exchange (BSE). (Photo by Attila Volgyi/Xinhua)